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What’s behind the rise of Shiba Inu coin?

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The world of digital coins continues to grow at rapid pace, with one particular coin rising 111 per cent in its best ever week

Known as the ‘DogeCoin Killer’ – SHIB coin continues to shake up the world of cryptocurrency.

According to CoinGecko, the cryptocurrency hit a record of US$0.00008088 – which is an improvement of 140 million per cent compared to its low last year in November.

While the current price might not seem like much – it is a massive rise since the coin first listed in August 2020 at US$0.000000000972.

Shiba Inu Coin was created in August 2020, and has gained popularity around the world – particularly within India.

Created by an anonymous person who called themselves “Ryoshi” – the digital coin was intended to be a spin-off of dogecoin.

SHIB is now rivalling its predecessor for market cap after breaking the $US30 billion barrier.

The digital currency coin features the Japanese dog as its mascot, and is now nipping at the heels of Dogecoin, which sits in 10th place among cryptocurrencies for market cap at $US31 billion.

SHIB drops 40%
SHIB drops 40%

Much of the spike is credited to rumours about the coin being listed on trading platform Robinhood

Those rumours have ironically seen SHIB reach a bigger market cap than Robinhood — which is at US$30 billion.

The rumours have seen SHIB’s price rise drastically in recent weeks.

Robinhood hasn’t yet listed the coin, although had sent a survey to users on Monday, asking which cryptocurrencies they trade and included shiba inu as an option.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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New York closes in on Robinhood dodgy crypto arm

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Robinhood has been fined $30 million for alleged violations of anti-money-laundering, cybersecurity and consumer protection rules

New York state is closing in on the company’s crypto arm, with concerns the trading platform isn’t devoting enough resources to address compliance and cybersecurity risks.

It follows several regulatory probes into Robinhood in recent months.

In a statement, lawyers say the company has made “significant progress” in building legal, compliance and cybersecurity programs.

As part of the settlement deal, Robinhood Crypto will also be required to have an independent consultant to evaluate compliance practices moving forward.

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At what times does the world invest in crypto?

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New figures are out on when the most activity on the Bitcoin Network happens

Coin Metrics has found European and U.S. business hours is a hotspot for crypto investment on the Bitcoin Network.

It’s understood U.S. investors use the services in the morning hours, while Europe waits for later in the day.

Analysts are reporting a drop in the share of activity happening during Asian hours.

It seems like the use of Bitcoin in Asian markets fell around a year ago, which coincides with China’s crack downs on crypto mining.

The figures looked at when changes to wallets took place, before they were segmented based on the opening hours of various global exchanges.

Coin Metrics looked specifically at the Hong Kong Stock Exchange, London Stock Exchange, and the New York Stock Exchange.

Analysts also looked at Ethereum data, which is less clear than Bitcoin. However, the company believes Ethereum trading also tends to occur during U.S. waking hours.

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Is this the beginning of the end for bitcoin?

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Concerns investors will lose faith in the crypto following Tesla’s sell-off

Tesla’s bitcoin sell-off has analysts concerned, after the company dumped $936 million worth of crypto, or 75% of its total holdings.

Following the news – the crypto’s price dropped and gains seen just last week were brought back down to earth.

So now the world’s biggest EV manufacturer has dropped the majority of its Bitcoin stake, should we all be doing the same?

On an earnings call, Musk said his company dumped its holdings due to the uncertainty around China’s Covid lockdowns.

He noted it’s important for Tesla to maximise its cashposition during this difficult economic period.

“The reason we sold a bunch of our bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximise our cash position.”

ELON MUSK

But does this really stack up? Or is it just an excuse following a nice rally?

Up until Wednesday, the last week had been good for Bitcoin, gaining 12 per cent in just seven days.

While other cryptos including ethereum and solana surged even more dramatically.

Musk says his company is still open to increasing bitcoin holdings in future.

But some analysts predict other big investors will use Tesla’s bitcoin sale as a justification to offload their own digital coins and send the price even lower.

“We are certainly open to increasing our bitcoin holdings in future, so this should not be taken as some verdict on bitcoin. It’s just that we were concerned about overall liquidity for the company.”

elon musk

They say like or not Musk can move markets and this is something to be conscious of.

But while the Tesla sell-off caught many off guard, analysts also stress this isn’t game over for Bitcoin and ebbs and flows are all just part of the market.

“The Tesla sell-off can trigger a new wave of related dumping from corporate bitcoin holders, most of which might also be distressed by the ongoing global economic downturn.”

ANDREY DIYAKONOV FROM CHOISE.COM SPEAKING TO CNN

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